Monday, January 24, 2011

Monday Monday

Markets showed decent strength Monday, as Monday continues to show solid gains traditionally now for quite some time. Techs led the way with a 1% gain, trying to recover some of last weeks big losses. AAPL GOOG both found support at their respective 50 day MAs. However volume receded from Fridays levels, albeit Friday was an options expiration day. The days sector winners included solar and semis, while banks lagged. Techs that are down following after hours on earnings include TXN VMW. CSX is up. Tuesday brings earnings from BTU COH MMM DD X before the opening and Obama delivers his State of the Union Address tomorrow evening.

Stocks near buy points include ATU 28.25, LEN 20.80, RIG 83.32 all cup with handles. (RIG needs one more day for a proper handle to form). COP 69.09 in a 3 weeks tight pattern. WFC 34.35 in a cup base. Again I am waiting for a big up volume day before I begin buying in earnest again. I believe a correction is near, although that is all I hear on TV and radio these days, which perhaps means we may not get one. MTL is closing in on its old 31.89 cup base buy point it cleared on 1/4. ADI back above its 38.70 flat base buy point it cleared on 1/14. ALTR back above its 38.24 flat base buy point as well which it cleared on 1/14.

Stocks near their 50 day MA are F 17, ALTR 36, AVGO 27.25, CY 18, MCHP 35, SIGM 13.50, SLAB 46, SWKS 28, SPRD 18, TXN 33, ATI 55, MT 36, RS 55, MT 36, RS 50, JBL 18.20, CAT 91, JOYG 83, CXO 85, BP 45, BHI 55, HES 75, NOV 65, OXY 94, CLR 58, SUN 40, SPN 34, TCK 57, WFT 21.80, AA 15, BHP 89, CLF 77, VALE 34, ICON 19.60, EMC 23, AGU 85, LULU 64, COST 70.25, SBUX 32.10, WFMI 49.75, CE 40, DOW 34, CCL 44.25, KKR 14, CTSH 71, KBR 30, SWK 64, BMC 47, CA 24.25, PMTC 23, ROVI 60, JBHT 40, NSC 62.75, UNP 93, USB 26, ALB 56, ETN 100.25, RIMM 60.25. Stocks that found 50 day support today were BWA JCI TEN BRCM IRF LLTC LRCX ST GTI VSH PLL PH ANR CAM ESV MEE MDR SLB SWN TSO WLT WLL TC AAPL OPEN GOOG RAX PSS SOA PCLN JNS SNPS CHRW. JKS continues to plow ahead after reclaimed its 50 day MA on 1/11. Stocks that can be bought as they reclaim their 50 day MA are BBD thru 20.20, BUD thru 58, LOGI thru 19.55, WAT thru 79.

Stocks near their 200 day MA are OVTI 24, PBR 36, AEM 67, ABX 46, GFI 15, PAAS 30, LLL 75, RTN 47, ARUN 18.50, AKAM 46, FFIV 99, ANN 21, GES 40, LTD 27.50, MCD 73.75, WSM 30.25, VMW 77, BBT 26.60, PNC 58, NTRS 50.80, BAC here. URBN lost its 200 day MA today.

As I like to find relative strength it is also just as important to recognize relative weakness today. MRVL was a notable laggard today in a strong semi tape. Miners BHP CLF RIO all rallied and FCX finished upon its lows of the day after finding resistance at its 50 day MA.

Stocks that showed weakness and like FCX met resistance at their 50 day MA are CMI SCHN DOV UA SQM NFLX INFY. Stocks that lost their 50 day MAs today were MIPS APKT RVBD AMZN. Stocks that can be shorted when and if they pierce their 50 day MA are IR under 45, CNQ under 41.50, MUR under 71, NTAP under 54. Stocks that can be shorted as they move upward and possibly meet 50 day resistance are ALV 79, BEXP 27, CPX 28.50, JRCC 23, NFX 70, PTEN 21, COH 55.50, JNPR 36, AAP 66, SCCO 46, WYN 30, ABV 29, INFA 43.75, FL 19, FOSL 71, MAR 41. Stocks that seem to have lost their uptrends include DECK CMG PNRA RHT.

Good luck.

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